RE:Sale of 10 Lower Spadina office buildingThis property was owned by Dream Impact (MPCT-UN.TO).
MPCT Has sold almost all their office and is turning into almost a pure play purpose built rental reit (keeping ZIBI Office Only)
Trading at under $4 a unit with a TD NAV est of $20, and company NAV est of ~$24 for a residential REIT.
Some of the highest quality rental buildings in Toronto including Canary Landing (Maple, Birch, Cherry & House, Quayside, Le Breton Flats, Brightwater and many more). Check their website for presentation.
They are just leasing up a bunch of new buildings and thousands more units in progress. TD estimates distribution to be reinstated Q3/Q4 2025 as the developments aware leased up.
Oh, and 75% of 49 Ontario is being sold for around 120M which will Wipe out almost half all the corporate debt.
Artis should be buying MPCT. It's 450M+ NAV trading at 70M Market Cap. Would like to see quality residential portfolio in Artis'portfolio, especially if 80-50% below NAV.
BlueJay2020 wrote: Interesting!
TORONTO, Aug. 26, 2024 /CNW/ - Arkfield has completed the transaction to acquire 10 Lower Spadina, a property located on Toronto's waterfront. This acquisition is a key addition to Arkfield's income portfolio as the company continues to expand its presence in strategic urban areas.
10 Lower Spadina is a 7-story office building in the downtown core with long-term redevelopment potential. The property provides unobstructed views of Lake Ontario and is well-positioned to benefit from ongoing waterfront revitalization efforts, including the development of public spaces, cultural sites, and enhanced transit options.
About Arkfield
Arkfield is an integrated real estate group that owns, operates, and develops commercial and residential assets across Ontario. Arkfield actively manages its investments to deliver superior results on a risk-adjusted basis. Arkfield's real estate portfolio totals over 4.3 million square feet of residential density with an estimated completion value of $4.5 billion.